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The defensive system would remain a 4-3, perhaps with a few 3-4 wrinkles thrown in.
Crennel gives us a proven, experienced DC with a history with both Coughlin and the Giants. Pepper Johnson would be groomed as Crennel's eventual replacement at DC.

There should be at least one more coach getting fired - Special Teams Coordinator Tom Quinn

Player Cuts and Departures
I would cut both Antonio Pierce and Rocky Bernard. Neither are the players they used to be and it is time for younger players. I would also not resign Robbins or Clark; it is time to look for other players to get the job done.
I expect Jeff Feagles will finally hang up his boots and David Carr will likely get a chance to compete for a starting spot somewhere.

Restricted Free Agent Tenders
I would tender Chase Blackburn, Kevin Boothe, Barry Cofield, Kevin Dockery, Domenik Hixon and Dave Tollefson to appropriate tenders. I would not tender Danny Ware, Gerris Wilkinson, Guy Whimper, Sinorice Moss or CC Brown; it is time to move in a different direction.

Free Agency
With the young state of the team, the CBA and the new DC, there will be a limited amount of free agents available and they will be older guys.
Reese will continue to use free agency to fill holes and use the draft to develop the team. It is obvious that most of our urgent holes are on defense.
I would look at signing the following free agents

DE Richard Seymour (Raiders)
Seymour knows Crennel and is a very good player. He isn't young, but there is still a lot of tread on the tyres. He doesn't want to play for the Raiders, the Giants would likely be a very attractive option. Seymour could play DE, but I think we would use him at DT.

DE Aaron Kampfman (Packers)
Kampfman is a good DE and can play either end spot. He isn't a good fit at OLB for the Packers and would likely be very interested in the Gmen. Like Seymour he has a fair bit of tread left on the tyres and adds valuable experience and a quality 3 DE rotation.

There will be no excuses, there will be significant changes on the defensive front. Seymour and Kampfman provide proven playmakers and valuable veteran leadership for what will be a young defensive unit. This would be a much more physical defensive line.

CB Dunta Robinson
We need help in our secondary and the best player available in free agency is Dunta Robinson. Webster has been generally good and Terrell Thomas has emerged, but with the prolific passing in the NFL we really need three starting calibre CBs. Robinson also has genuine speed which will help us match up against the faster wide receivers (which have causes us problems in the past). Robinson wants a long term deal which the Texans haven't been willing to do. I think is unlikely they franchise him again; he also has a good opportunity for post season football and sponsorship money in NY.

Positional Changes

William Beatty to LT; Diehl to LG
Diehl has been adequate at best at LT as has Seubert at LG. Beatty instantly upgrades LT as does Diehl sliding over to LG. Seubert becomes quality depth at multiple positions.

Aaron Ross to FS; Kenny Phillips to SS
Ross had been training at safety in recent weeks, with the emergence of Terrell Thomas, it makes sense to keep him at FS where his speed and instincts will be very useful; with an entire offseason to adjust, Ross be a very solid FS. Remember Ross is a very good tackler and run support player.
This also instantly upgrades our safety depth with Johnson and Rouse. With Ross at FS, Phillips can move closer to the action where he is better suited.

Matthias Kiwanuka to SLB
This was a tough one. Sintim is very raw has a fair bit of work ahead and is some ways from being a quality starter; in particular he really doesn't play well in space. At this point, Sintim is unlikely to be ready to be a consistent starter at SLB next year. Kiwanuka has been very solid at DE, but isn't dominant. With the free agent acquisitions and Tuck moving to LDE, there is space to move Kiwanuka back to SLB where he played his rookie year. Crennel should be able to use Kiwanuka well, much like he did with Willie McGinest. Kiwanuka is exactly what we like at SLB and can be a legitimate playmaker. Sintim provides depth and rotation as he develops; he could also be used as a situational rush DE.

Draft

1. S Earl Thomas, Texas, (5-11, 198, 4.45)
Thomas is a quality, instinctive safety. He is a ball-hawk FS, with very good speed and decent tackling . Berry is raw as a redshirt sophomore and will need time to develop, but he will immediately upgrade our sub packages.

2. LB Brandon Spikes, Florida (6-3, 258, 4.75)
Spikes is a quality ILB prospects with excellent leadership ability. Spikes will compete with Goff for the starting spot and is the eventual heir for Pierce.

3. QB Jevan Snead, Mississippi (6-3, 215, 4.65)
This would be a best player available pick. Snead's stock is low, but he has 1st round calibre tools and potential future franchise QB. Between Bhomar and Snead, Eli's understudy is set for the foreseeable future.

4. WLB Rennie Curran, Georgia (5-11, 225, 4.55)
Curran is a tackling machine who makes plays all over the field. Curran is shorter than ideal , but he is very fast, has good coverage and makes plays. Curran will be a good fit as Boley's understudy and will be a quality special teamer. Curran would also be valuable in our sub packages rather than playing a safety at LB.

5. DE Alex Carrington, Arkansas State (6-5, 284, 4.80)
Carrington, is a DE with good physical tools and decent ability to get to the QB. This DE class is extremely deep with talent

6. RB Lonyae Miller, Fresno State (5-11, 220, 4.50)
Miller is a decent, explosive RB in what was a very crowded Fresno St backfield with Ryan Matthews and Robbie Rouse. Ware has not been able to seize his opportunities so the Giants will likely look to upgrade.

7. P Zoltan Mesko, Michigan (6-5, 231, 4.75)
With Feagles gone, we need a punter; Mesko is the best of this year's group and has a strong kick.

Comment

Change it to a second round pick(at best) and it would be much more realistic

Not to mention it is very unlikely that the Raiders will just let Seymour walk.

Also, Crennel runs a 3-4 which doesnt fit the Giants personell...at all

Davis already traded a first rounder for Seymour and he doesn't want to stay there.
Osi's market value isn't that high at present, but I think Davis is the type of guy who would make that trade. The bottom line is otherwise we keep Osi, no real problem. With no new CBA, there will be limited guys available in free agency, which makes a trade more likely if you need immediate veteran help.

Considering the contracts of Haynesworth, Canty etc, franchising Seymour would cost a heck of a lot, I am not sure Davis wantes to spend that much.

That is my opinion, but even if Osi remains a Giant (and there is no reason to trade him unless we get a blockbuster deal) and Seymour is franchised, a DE rotation of Tuck, Umenyiora and Kampfman is still quite good.

Crennel does prefer the 3-4, but in New England he did use 4-3 fronts as well. But that doesn't mean Crennel couldn't adapt to a base 4-3. Alot of other coaches have made similar changes over the years.

Having said that, we could switch to a 3-4, I just think it is unlikely. It is more likely we include 3-4 variations and wrinkles in our 4-3 packages.